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IRYS has recently maintained high popularity in the community, with supporters calling it a dark horse in the AI track, while skeptics list it among "whale coins." Setting aside technical details, from the perspective of market chips and human nature, the story of this project is just beginning.
【The Truth Behind the Airdrop Controversy】
During the token issuance in November 2025, on-chain data showed that about 20% of the airdropped tokens were concentrated in a few related wallets. This discovery immediately triggered panic—some claimed it was the project team’s "front-running," while others believed it was the work of the Miko Studio to scoop airdrops. But two months later, these chips did not dump, instead they appeared to be locked. This detail is crucial; it suggests that these chips might be tools used by strong hands to control the market, rather than arbitrage opportunities to be immediately cashed out.
【The Logic Behind Price Bottoming】
From $0.057 down to $0.048, many retail investors began to panic. But the first three months after a new coin launches are often like this—VC unlocks, early airdrop holders’ arbitrage positions continuously exit. The current volatility is essentially a reshuffling of chips. Only by flushing out those lacking conviction and blindly following can subsequent technical-driven incremental funds have the chance to push prices higher.
The technical progress in Q1 2026 may be the key window for judging the future direction.
Is the 20% chips really under control? Then there might be a chance later.
It's normal for retail investors' mentality to collapse; let's see the true situation in Q1.
I believe in the chip turnover; I'm just worried it might be another wave of cutting leeks.
Hold on, is this really a dark horse or a trap set by the wait-and-see crowd?
I've seen this kind of trend too many times...
Let's gamble on the technical progress in Q1.
This wave of shakeout was long overdue, retail investors' mentality is most likely to collapse here
See you in Q1, whether to bottom fish now or wait for a break below depends on your risk tolerance
Those who talk about dark horses and those who talk about whale coins are both right, it all depends on which cycle you are looking at
Those who talk about mouse trading, why not think about it, why would capable funds be so anxious?
The chip turnover period is the biggest test of mentality, only gamblers or believers are still here at this time
I said this logic half a year ago, and there are still people being shaken out now, it's hilarious
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Locking positions without crashing the market = controlling the market? It sounds to me like no one wants to take the buy-in
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Waiting for Q1 technical progress? Brother, are you planning to wait until everyone is trapped?
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20% of the chips remain unmoved, how much liquidity does that take? I really can't hold on anymore
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Sounds convincing, but actually no one dares to sell, just being cowardly
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Chips changing hands? Not at all. The early ones already sold out, and those buying in now are just firefighting
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Looking at the technicals, sorry, I only see an escape opportunity
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Two months of locking positions, is that considered strong capital? Why not say it's broken through and there's no one to take the buy-in
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Alright, I'll wait for the Q1 face-slapping show to unfold
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When retail investors' mentality collapses, it's often the bottom. It was the same in the first three months; shakeouts are very normal.
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Let's see the results in Q1. Right now, everything is pointless; technical progress is the real key.
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20% of the chips are concentrated and not dumped? Well, this time, it might really be different.
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People whose mentality collapses haven't understood this. This is the transfer period, the elimination battle.
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Those talking about "mouse warehouse" haven't looked at on-chain data. They've been locking positions for two months. Think about why.
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Whether it's a dark horse or a whale coin, I will only believe it when Q1 shows results.
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Falling from 0.057 to 0.048? The shakeout has to be over before there's any hope, everyone.
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That group following the trend will eventually be washed out. This is the normal market logic.